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Finally, Some Signs of Improvement in the Regional Economy

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Abstract

The Federal Reserve Bank of New York’s June business surveys show some signs of improvement in the regional economy. Following two months of unprecedented decline due to the coronavirus pandemic, indicators of business activity point to a slower pace of contraction in the service sector and signs of a rebound in the manufacturing sector. Even more encouraging, as the regional economy has begun to reopen, many businesses have started to recall workers who were laid off or put on furlough since the start of the pandemic. Some have even hired new workers. Moreover, businesses expect to recall even more workers over the next month. Looking ahead, firms have become increasingly optimistic that conditions will improve in the coming months.

Suggested Citation

  • Jaison R. Abel & Jason Bram & Richard Deitz & Benjamin Hyman, 2020. "Finally, Some Signs of Improvement in the Regional Economy," Liberty Street Economics 20200616b, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:88158
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    More about this item

    Keywords

    pandemic; COVID-19; surveys; recalls;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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